Toronto Raptors, Bryan Colangelo Agree to Multi-Year Extension

It seems like there hasn’t been any news north of the border since Chris Bosh left Toronto last July. But today Raptors president and general manager Bryan Colangelo announced he has agreed in principle to a multi-year contract extension. His five-year deal, signed in 2006, was set to expire on June 30th. Colangelo has had a mixed response from Raptors fans: he took shots for the signings of Hedo Turkoglu and Jermaine O’Neal, but has also received praise for drafting DeMar DeRozan and Ed Davis, both whom appear to be keepers.

“Details of the deal were not immediately known. Colangelo is in Secaucus, New Jersey, where he will represent the Raptors at Tuesday night’s draft lottery. The news brings a poorly plotted soap opera surrounding his job status to an end. Backroom bickering, including one board member representing the Ontario Teachers’ Pension Plan — the majority owners of Maple Leaf Sports and Entertainment who are looking to sell their share — that had been holding up a new deal for the general manager have dominated the Raptors’ news cycle for the past few months. There was one published report that MLSE would turn over draft responsibilities to 74-year-old team advisor Wayne Embry should a deal not be reached with Colangelo. With this news, that remains a what-if scenario. Colangelo’s status was an issue for the Raptors throughout their 22-win season, and became a bigger issue as the off-season arrived. It has been widely reported that Maple Leaf Sports and Entertainment’s board was divided on whether to bring back the two-time NBA executive of the year. Larry Tanenbaum, a potential buyer of Teachers’ stake in the team and a minority owner of MLSE as it stands, has long been believed to be a Colangelo backer. Glen Silvestri, one of Teachers’ representatives on the board, is said to have been against Colangelo’s re-signing. However, with Teachers trying to get out of the business of owning professional sports teams, Silvestri has likely softened his stance — or been overruled.”